Lakers return $4.6 million it received from federal loan program designed to help small businesses,

[Mike 03]

I can barely post this story because my hands are shaking because I'm laughing so hard at the thought of The Los Angeles Lakers applying for a federal emergency small business loan.

Source: KABC
Updated a minute ago

LOS ANGELES (KABC) -- The Los Angeles Lakers have returned nearly $5 million that they received from the federal government through a program intended to help small businesses stay afloat during the coronavirus pandemic, according to ESPN.

The team, one of the NBA's most profitable franchises, applied for relief through the Small Business Administration's Paycheck Protection Program, and were granted the $4.6 million loan during the program's first round of distributions.

However, following reports that several large companies were given aid while other smaller businesses were shut out, the Lakers said they returned the money.

"Once we found out the funds from the program had been depleted, we repaid the loan so that financial support would be directed to those most in need. The Lakers remain completely committed to supporting both our employees and our community," the team said in a statement to ESPN.

More at link: https://abc7.com/finance/lakers-return-$46m-ppp-loan-in-deference-to-small-businesses-espn-reports/6132679/

At least they returned the money. But seriously? THE LOS ANGELES LAKERS!

[sfstaxprep]

1. We Are So Fucked

I'm not sure why you're laughing. The fact is, the Lakers could have just as easily kept that money. The fact is, there are countless others like the Lakers who are receiving these funds, which are meant for businesses that really need it.

[Wounded Bear]

2. "At least they returned the money"...bullshit...

they held that money for two or three weeks. How many small businesses went under in that time frame?

The Lakers should be paying 10% interest on that loan.



(Sorry, but I don't find the humor in this)

[ProfessorGAC]

3. It Was Dumb To Apply

That said, cynically I could see someone asking for it with every intention of returning it.
Then publicizing the return and looking like a good citizen.
Probably took some accountant 5 minutes to apply. No added cost with no gate receipts to track. Accountants there aren't doing much anyway.
Then, they return the $, publicist issues a press release and they get publicity for free.
Nothing to prove here. Just speculating on why they would do something otherwise stupid.

[procon]

4. Does anyone understand how this money was

released without any built-in safeguards that were strong enough to prevent these hugely wealthy companies from taking advantage of the little guys who really need the money just to stay afloat?

How did this happen, was it an intentional, under the table gift to corporate giants? Did Congress fall asleep at the switch and miss this giveaway opportunity of windfall cash to Big Biz, or did try really expect that corporate greed would suddenly play fair and not take advantage?

Can Congress get the money back if corporations refuse?

[crickets]

5. I wonder as well. They never should have received the money in the first place. nt

[MagickMuffin]

6. Congress needs to investigate EVERYONE that applied for the money

These megacorps knew who this money was for, but out of GREED they jumped in the front of the line for their handouts.


GET ON IT CONGRESS, investigate and penalize them ALL.